Oct 10, 2012 1:00am EDT
rolls -- rules. it is the epa and the laws. >> regulation. >> it is not just uncertainty. it is fear of the worst-case scenario coming down the pike. the worst-case scenario is that you do not do with this and their unbalanced tax system. you let the regulatory regime continue to squelch entrepreneurs. you don't take seriously our long-term energy needs and demands and create an affordable and reliable supply of north american energy. >> you fly right off the fiscal cliff. >> it was a shocking experience for a lot of people to go back a few months. the first time we hit the debt ceiling, all the seven whether you were a lender or somebody here who is proud of the way this country had managed to fair, all the sudden policy makers are running right at to the edge. you cannot pay your bills. there is nobody in business that would be allowed to walk away like that. what we're saying is that people in charge of both parties said it takes leadership and the execs -- in the executive branch. it takes leadership. the decisions have to be made. i see governors in both parties have legislative
Oct 9, 2012 8:00pm EDT
. but don't dismiss the old framework lightly. credit for the 1986 reform law belongs to democrats like bill bradley in the senate. just as much as to president reagan. as a member of the house back then, i not only voted for it, but i whipped the votes to make sure it passed. i was on the committee set up by dan rostenkowski to get it done. the approach made a good deal of sense at the time. then, as now, the code was littered with egregious loopholes that needed to be reformed. recall the so-called passive law schools that were in place back then. they allowed wealthy taxpayers to gain the system. someone could invest in a bowling alley and then, if the bowling alley lost money, they could take a write off many times larger than their initial money incestment of their entire income tax liability. we need to get rid of such a gimmicky tax shelter. paring these loopholes allowed us to cut rates. at the time, that made sense, too. while it is critically important to insure that everyone, especially those at the top pay their fair share, 50% of the top federal tax rate is what we had
Oct 10, 2012 8:00pm EDT
started off my law firm in 2007 and i employ 11 full-time people at my firm. i know what it is like to run a small business. we have strayed far from the principles of limited government. our government taxes and spends out of control and our civil liberties are constantly under attack. we can fix it, but we need to get government back into its cagae. >> our final opening statement is from jeff flake. >> good to be here. two days ago, cheryl and i received a wonderful phone call from my son syan and forming as we are grandparents. aidan was born into a wonderful family, but he was born into $50,000 of debt. his share of the federal debt we all hold. that is why the stakes in this election are so high. we have to have somebody who understands fiscal discipline. that has been my record in the house of representatives, where i fought my own leadership on issues like earmarks. they punish me for it, but i kept at it and we do not have earmarks any more. that is the kind of attitude i will take to the united states senate. my opponent have a great rÉsume a. but a great resonate is not a plan.
Oct 11, 2012 6:00am EDT
are laws written in basel. they are written for other people and other purposes. they say we have to have a common ground and make it fair for everyone. i agree with that concept except that it's bad for america. if we're not going to do it, the rest of the world cannot make us. >> what about the poster issue of proprietary trading, the volcker rule, all of that? where did you come out on that? >> after dodd-frank, the blueprint, the white paper, and never went through in their two cents, i would argue that was completely unnecessary. it was not the problem. we supported a lot of dodd- frank. you are either for or against it. there are like 2000 things in dodd-frank. the volcker rule had anything to do with the crisis. it is something that he felt deeply about. keep trading safe for big financial companies? i agree. we need to get rid of too big to fail. i agree with the intent. we do not do any crop trading. we have the widest, deepest, most transparent capital market in the world. that's not throw the baby out with the bathwater. the struggle is trying to find how you restrict m